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New Promise Lutheran Church is to be a vital, Christ-
New Promise Endowment
When was the New Promise Mission Endowment Fund created?
New Promise established the Mission Endowment Fund in 2009 and the Endowment reached the principle requirement for distributing funds in 2016 thanks to the generosity of individuals who made New Promise or the endowment part of their planned giving or estate planning.
Who are some of the past recipients of the Fund?
What are some of the ways that I can be a part of this legacy of generosity?
There are many ways to make contributions to the Endowment Fund -
Qualified Charitable Distributions
This is for Investors older than age 70 1/2 who are taking required minimum distributions from their traditional IRAs and 401(k)s. You can steer a portion of your distribution—up to $100,000—directly to the qualified charities thereby satisfying the required minimum distribution requirements. The virtue of having your IRA administrator cut a check to the charity rather than taking the RMD and depositing it in your account and writing the check yourself is that it doesn't inflate your adjusted gross income.
Donating Appreciated Securities
This strategy can yield three key benefits. First, scaling back large positions by donating them to charity can help reduce a portfolio's risk level. Donating appreciated securities carries valuable tax savings—namely , the donor won't owe capital gains taxes on the appreciation in the shares, and he or she can deduct the full market value of the shares at the time of the donation, provided the investor has owned them for up to one year and provided the deduction is less than 30% of adjusted gross income. If the amount of donation exceeds what's deductible in a given year, any excess can be carried forward and deducted for up to five years in the future.
Life Insurance Policy
Life insurance can be used to financially support a ministry that has been dear to you and can be an important component of your life-
Will or Trust
A Trust is an arrangement under which one person, a trustee, manages property for a beneficiary. There are many kinds of trusts, some created during the settler’s lifetime and some at death. Trusts are used for, among other things, avoiding probate court proceedings, saving on estate tax, providing quality management of assets and keeping money out of the hands of improvident beneficiaries. You can also designate assets through a will or trust. To set up a will or trust it is advisable to consult a lawyer in you state.